The 270 million pound invoice fashion has to eat

Start with the scale: £270.5 million is what Harvey Nichols' trading company owed unsecured creditors when it entered administration, and the administrators expect those creditors to recover under 15p in the pound. The list runs from Victoria Beckham (£353,349) to Canada Goose (£565,267). The rescue saved the shop; the suppliers are paying for the save.

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01£270.5 MILLION IN INVOICES JUST BECAME NEARLY WORTHLESS, AND HALF OF LUXURY FASHION IS ON THE LIST.

02THAT IS WHAT HARVEY NICHOLS' TRADING COMPANY OWED UNSECURED CREDITORS WHEN IT WENT INTO ADMINISTRATION. THE ADMINISTRATORS' ESTIMATE FOR RECOVERY: UNDER 15P IN THE POUND.

03SCROLL THE LIST AND IT READS LIKE A BUYING FLOOR. VICTORIA BECKHAM, £353,349. CANADA GOOSE, £565,267. JIMMY CHOO, £174,201. JO MALONE AND ESTEE LAUDER FURTHER DOWN THE PAGE.

04THE SHOP ITSELF IS FINE, WHICH IS THE TWIST. FRASERS BOUGHT THE STORES, THE STOCK AND THE NAME THROUGH A PRE-PACK, CLEAN OF THE DEBT. THE INVOICES STAYED BEHIND WITH A SHELL.

05SO THE RESCUE EVERYONE CHEERED IN AUGUST HAS ITS BILL, AND THE BILL LANDS ON THE BRANDS. A LUXURY LANDMARK SAVED, LARGELY AT ITS SUPPLIERS' EXPENSE.

06REMEMBER THE NUMBER NEXT TIME A RESCUE IS ANNOUNCED: THE HEADLINE SAYS SAVED, THE FILINGS SAY WHO PAID. £270.5 MILLION, SETTLED AT PENCE ON THE POUND.

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